Granite Master Issuer Plc

RE: GRANITE MASTER ISSUER PLC
    USD 65,000,000.00
    MATURING: 20/Dec/2054
    ISSUE DATE: 26/Jan/2005
    ISIN: US38741YAE95

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
20/Mar/2006 TO 20/Jun/2006 HAS BEEN FIXED AT 5.160000 PCT

DAY BASIS 92/360

INTEREST PAYABLE VALUE 20/Jun/2006 WILL AMOUNT TO:
USD 1,318.67 PER USD 100,000.00 DENOMINATION

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3858/3855 OR FAX: 44 20 7508 3881
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